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On Tuesday the BSE Sensex ended at 48,437.78, up 260.98 points or 0.54%. (Photo: Mint)
On Tuesday the BSE Sensex ended at 48,437.78, up 260.98 points or 0.54%. (Photo: Mint)

Markets likely to be volatile; Tata Group, Future Retail, Bajaj Finance in focus

  • Asian stocks were mixed on Wednesday as investors anxiously awaited results of US runoff elections that would determine the legislative balance of power in the world's largest economy while oil prices rose on news of planned output cuts.

Indian stocks are likely to be volatile on Wednesday, while trends in SGX Nifty suggest a flat opening for the benchmark share indices. On Tuesday the BSE Sensex ended at 48,437.78, up 260.98 points or 0.54%. The Nifty closed at 14,199.50, up 66.60 points or 0.47%.

Asian stocks were mixed in the early trade as investors anxiously awaited results of US runoff elections that would determine the legislative balance of power in the world's largest economy while oil prices rose on news of planned output cuts.

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In the United States, the tense runoff elections in the state of Georgia will decide whether President Elect Joe Biden will have the majority in the Senate he needs to support his agenda or if he will face gridlock in the early stages of his term.

Wall Street trimmed earlier gains on Tuesday as political uncertainty and the discovery of a more contagious variant of the coronavirus in major hubs like New York City tempered bullishness about the vaccine roll out.

The Reserve Bank of India (RBI) on Tuesday fined non-bank financier Bajaj Finance 2.5 crore for failing to ensure that its recovery agents did not harass borrowers on the pretext of debt recovery. The non-banking financial company (NBFC) reported assets under management (AUM) of 1.04 trillion as on 30 September 2020.

A merger of budget airline AirAsia India with full-service carrier Vistara is among options considered by the Tata group as it gears up for a wider play in the aviation business. The salt-to-software conglomerate has set up a strategy team headed by Tata Sons Pvt. Ltd’s chief financial officer Saurabh Agrawal to explore options, including mergers, consolidation and rebranding of its airline ventures, according to a Mint report.

Amazon.com NV Investment Holdings LLC and Kishore Biyani-led Future Group are gearing up for the last leg of the proceedings at Singapore International Arbitration Centre (SIAC) over Future Group’s sale of its retail assets to Reliance Industries Ltd (RIL) for 25,000 crore. The SIAC formed its panel on Tuesday to pass the final judgment on the case between Amazon and Future.

US crude futures climbed 4.9% on Tuesday settling at $49.93 a barrel after Saudi Arabia pledged additional, voluntary oil output cuts. Brent crude futures also jumped 4.9%, settling at $53.60.

The dollar index fell 0.433%, against a basket of major currencies following China's decision to lift its official yuan exchange rate by its highest margin since it abandoned a dollar peg in 2005.

The benchmark U.S. 10-year notes last fell 12/32 in price to yield 0.9549%, from 0.917% late on Monday.

Bitcoin traded at $34,077.96, up 6.41%. Spot gold added 0.4% to $1,949.46 an ounce.

(Reuters contributed to be story)

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